Ann: Drilling and Exploration Update at Storm Copper, page-21

EXTRACT: * ARTICLE Guy on Rocks... 10/05/2023

It has been anything but smooth sailing for American West Metals (ASX: AW1)(figure 6) since their ASX listing in the middle of last year. However the next 4-5 months are set to transform the company if today’s announcement is anything to go by as exploration activities ramp up at its Storm Project (earning 80%) in northern Canada (figure 7).

RM Corporate Finance (of which I am a director and shareholder) acted as lead manager for the recent placement ($2.6 million) and underwriter for the Rights Issue ($2.6 million) at 5 cents per share (and one for two free attaching options exercisable at 10 cents each on or before 30 November 2026).

The company report visuals on a further five RC drill holes (figure 8, 9) on the highly prospective 4100N Zone with better intersections including:

o 16.7m of strong visual copper sulphides from 42.7m in SR23-05
o 15.2m of strong visual copper sulphides from 54.9m in SR23-06
o 13.7m of strong visual copper sulphides from 48.8m in SR23-07
o 13.7m of strong visual copper sulphides from 68.6m in SR23-08
o 32m of strong visual copper sulphides from 56.4m in SR23-09

AW1 remain on track for a maiden JORC Resource late in CY 2023 at the 4100N zone with a further 10-12 drill holes planned.

Moving Loop Electromagnetic (MLEM) is also near completion at this prospect and will soon move on to the Tempest Prospect (40km south of Storm) where a 250m long copper gossan has been identified.

A ground gravity survey testing deeper sedimentary hosted copper targets has also been completed with follow up drilling highly likely.